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Amryt 2017 Revenue Soars On Lojuxta Sales As New In-Licence Sealed

Thu, 15th Mar 2018 14:15

LONDON (Alliance News) - Amryt Pharma PLC said Thursday it has signed an in-licence agreement for a gene therapy platform, with the company making a "very encouraging" start in 2018.

Revenue for 2017 soared to EUR12.8 million, Amryt said, from EUR1.5 million in 2016, with Lojuxta sales contributing EUR11.9 million of this.

Lojuxta is used to treat a life-threatening disease called homozygous familial hypercholesterolaemia.

Further sales growth will come, Amryt said, in 2018 from both existing and new markets, and the company has signed five new distributor deals since November.

The company has signed an exclusive in-licence of a new platform technology for gene therapy from University College Dublin. Amryt will conduct various pre-clinical studies in the coming months with results due in the last quarter of 2018.

Amryt also said it is amending the protocol for its phase III study of AP101, increasing the study size and restricting certain wound types. This will delay slightly interim analysis which it expects to be completed early in 2018's fourth quarter, with a read-out due in the second quarter of 2019.

The cost of these changes is expected to be approximately EUR1.0 million.

Chief Executive Joe Wiley said: "2017 was a very strong year for Amryt and we are encouraged by the start to 2018, which places us in a good position to be able to drive further expansion through this year and beyond.

"We have grown our Lojuxta business significantly since we in-licensed it in December 2016, and our recent distribution agreements throughout Europe and the Middle-East mean that we now are able to reach more people living with the ultra-rare and life-threatening condition, HoFH, than ever before."

He added: "We have ambitious plans for the remainder of 2018 and we look forward to announcing a series of agreements in the months to come. This is a pivotal year for Amryt and our focus continues to be on ensuring that we are delivering real change for people with rare diseases across the world. I am proud to say we are delivering on our promise."

Shares were down 0.1% on Thursday at 19.00 pence each.

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